Overview
- Russia’s regulated crypto rules take effect on Sept. 1, 2026 and will let Russians buy and sell cryptocurrencies only through licensed brokers, exchanges, asset managers, and depositories.
- SberCIB, Sberbank’s research arm, estimates regulated trading will total 3.5–4 trillion rubles (about $46 billion) in year one and rise toward 7.5 trillion rubles by 2029, projecting roughly 20% of current volume will migrate on‑shore.
- At launch regulators propose a very narrow asset list limited to Bitcoin, Ether and Tether’s USDT, and non‑qualified retail investors must pass a knowledge test and are capped at 300,000 rubles per intermediary each year.
- Existing crypto platforms may keep operating during a transition but must register under the new licensing rules by July 1, 2027, while Sberbank says it plans custody, wallet and a digital depository service by December 2026.
- Analysts and regulators expect most trading to remain on peer‑to‑peer and offshore channels, a dynamic that leaves persistent unregulated activity and raises questions about qualified‑investor limits and how quickly retail volumes will move on‑shore.